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General Discussion / Re: Transactions as Proof-of-Stake & The End of Mining
« on: December 09, 2013, 04:23:46 am »
Why not simply adopt Ripple's consensus algorithm ? It's open source and easily formalize-able into a page of pseudo-code (it will have lots of company-sponsored and independent academic backup soon)
If mining is now understood to be unnecessary for security and only serves to create viral adoption, why not decouple mining from the consensus agreement in exactly the same way as Ripple did ?
Until recently b/c it required and used no mining Ripple was considered not viral enough, however that changed once Ripple Labs instituted a http://computingforgood.org/ where impossible-to-scam currency distribution and viral adoption has been completely decoupled from day-to-day operation of the network. A few weeks into the program there's 7000+ mining participants growing at over 50% per week https://secure.worldcommunitygrid.org/ms/team/viewMyTeam.do
Notice, that all the immense advantages of Ripple's Consensus over block-chain-based systems will apply
https://ripple.com/wiki/Introduction_to_Ripple_for_Bitcoiners#Ripple_is_a_Payment_System
If mining is now understood to be unnecessary for security and only serves to create viral adoption, why not decouple mining from the consensus agreement in exactly the same way as Ripple did ?
Until recently b/c it required and used no mining Ripple was considered not viral enough, however that changed once Ripple Labs instituted a http://computingforgood.org/ where impossible-to-scam currency distribution and viral adoption has been completely decoupled from day-to-day operation of the network. A few weeks into the program there's 7000+ mining participants growing at over 50% per week https://secure.worldcommunitygrid.org/ms/team/viewMyTeam.do
Notice, that all the immense advantages of Ripple's Consensus over block-chain-based systems will apply
https://ripple.com/wiki/Introduction_to_Ripple_for_Bitcoiners#Ripple_is_a_Payment_System
